Edgar: Last 10-Q 4/16 when they wrote off the Impairment of intangibles,
$4,243,747.00 in 2015, the Company finished developing and integrating its automated optimization software applications into the current offerings of its sales partner, PC Driver Headquarters under the Joint Development & License agreement (“JDLA”). On November 5, 2015, there was an arbitration award allowing PC Drivers access to our source code. Currently, there are disputes on revenue split between two parties under the JDLA. Since acquisition of the Intangible assets in May 2014, the technology and trade names acquired have not been able to generate revenue. We determined that the entire carrying value of the intangibles was impaired, resulting in an impairment charge of $4,243,747.
Developed technology and trade names are tested for impairment based on the guidelines in Accounting Standards Codification Topic 360-10-35, Impairment or Disposal of Long-Lived Assets.
